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Friday, September 30, 2016

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IT services provider Cognizant Technology on Friday said that it is conducting an internal investigation for violations relating to Foreign Corrupt Practices Act in the United States.

A Reuters report mentions that Cognizant is investigating whether certain payments made to facilities in India were improper or not.

“The company is conducting an internal investigation into whether certain payments relating to facilities in India were made improperly and in possible violation of the US Foreign Corrupt Practices Act and other applicable laws,” according to a statement the company issued to the US stock exchange.

The company further said that it has notified the US Department of Justice and US Securities and Exchange Commission and is cooperating fully with the ongoing investigation.

RBI hikes foreign investment caps in G-secs

Reserve Bank today increased the investment limits for foreign portfolio investors in government securities by Rs 100 billion to Rs 2,100 billion and also upped the limits in state government securities.

"As announced in the medium term framework, the limits for investment by FPIs in Central Government securities for the next half year are proposed to be increased in two tranches, each of Rs 100 billion from October 3, 2016 and January 2, 2017 respectively,"

Accordingly, the total limit for FPIs will go up to Rs 2,100 billion (including Rs 1,480 billion for all FPIs and an additional of Rs 620 billion for those investing for long term) from October 3.

The same will move up to Rs 2,200 billion from January 2, 2017 and shall include Rs 1,520 billion for all FPIs and an additional of Rs 680 billion for those investing for long term,

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